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However, a cash payment is often only offered once a credit note refund has been received.

Many holidaymakers have accepted credit notes because of delays in processing payments.

But today (May 14) Martin gave a major update on this in his Money Saving Expert newsletter and advised that people affected by cancelled flights that accepting a voucher rather than cash would make it “unlikely customers will be able to claim on a debit/credit card if the firm goes bust”.

Martin said: "I've been seeking confirmation on this for a while, and now I've got an answer, but it isn't great.

“If you've had a cancelled flight, by law you're entitled to a refund within a week, and the Competition and Markets Authority says other sectors should generally give cancellation refunds too.

“Yet many people are accepting vouchers - either rightly as they want to help the firm, or wrongly because firms are flouting rules, have refused refunds or made them difficult to get.

“In the travel sector, some firms are issuing 'refund credit notes' which are, they say, protected by ATOL - though this is untested.

"But most vouchers are just a call on the company, so if it goes bust you become a creditor and are unlikely to get money back.”